521 Washington Ave · Holland, MN 56139

$104,900

4 bd · 2.0 ba · 1,512 sqft · SingleFamily · 178 Days on market

Built 1920 0.26 ac lot ↓ 9% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Enjoy small-town charm in this classic 1.5-story home in Holland, MN, featuring great character, functional space, and excellent garage/storage options. A unique U-shaped enclosed front porch welcomes you in with separate access to both the main level and upper level—ideal for everyday convenience and added flexibility. Inside, you’ll find an eat-in kitchen with a galley-style layout and space for a dining table, plus convenient main-floor laundry and a full bath. The formal dining room showcases hardwood flooring and original baseboard trim, and pocket doors lead to a main-floor bedroom with a walk-in closet and original hardwoods. The living room also offers original hardwood flooring, an open stairway to the upper level, and a doorway to the enclosed porch. Upstairs includes three bedrooms and a full bath complete with a charming clawfoot tub. The full unfinished basement provides ample storage. Outside, you’ll appreciate the backyard patio, spacious yard with detached single garage plus a 24' x 28' steel garage/shed with convenient alley access—perfect for additional storage, hobbies, or a workshop. Additional features include forced-air propane heat, central air (new 2019), electric water heater (2014), approx. 10-year-old shingles, 100-amp breaker panel, and a backyard well previously used for watering plants (pump located in basement). Located about 45 minutes from Marshall—come enjoy the comfort and community of small-town living.

Key facts

• 0.26 acre lot
• 3 garage spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $468 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#652 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D+, crime D, schools F.
• Pipestone Area School District (town): math 36% / reading 42% proficiency, ranked #233 of 301 in MN (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 3 active listings in the ZIP; 8 units permitted in Pipestone County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($725 loan paydown + $5k appreciation (5.2% local appreciation)).
• Pipestone County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 178 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 11.64%
• Cash-on-cash: 19.10%
• DSCR: 1.85
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.18% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.8%
• Equity multiple: 2.87×
• Total profit: $55,000
• Equity at exit: $60,593

10-year hold

• IRR: 28.3%
• Equity multiple: 5.77×
• Total profit: $139,971
• Equity at exit: $105,535

Cash invested: $29,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 56139

• Home prices YoY: 4.5%
• Active inventory: 3
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,388 medium
• Mortgage (P&I): −$550
• Tax from tax record: −$35 /mo · $424/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $468

Break-even live

Break-even rent $796

Max offer price $104,900

Occupancy floor 61%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $104,900 Active 178 DOM
2. 2026-06-17
   days on market $104,900 Active 177 DOM
3. 2026-06-16
   days on market $104,900 Active 176 DOM
4. 2026-06-15
   days on market $104,900 Active 175 DOM
5. 2026-06-13
   days on market $104,900 Active 173 DOM
6. 2026-06-12
   days on market $104,900 Active 172 DOM
7. 2026-06-09
   days on market $104,900 Active 169 DOM
8. 2026-06-08
   days on market $104,900 Active 168 DOM
9. 2026-06-07
   days on market $104,900 Active 167 DOM
10. 2026-06-07
    days on market $104,900 Active 166 DOM
11. 2026-06-04
    days on market $104,900 Active 163 DOM
12. 2026-06-02
    days on market $104,900 Active 162 DOM
13. 2026-06-01
    days on market $104,900 Active 161 DOM
14. 2026-05-31
    days on market $104,900 Active 160 DOM
15. 2026-05-31
    days on market $104,900 Active 159 DOM
16. 2026-02-12
    price $104,900 1497-char remark

    Show marketing remark (1497 chars)

    Enjoy small-town charm in this classic 1.5-story home in Holland, MN, featuring great character, functional space, and excellent garage/storage options. A unique U-shaped enclosed front porch welcomes you in with separate access to both the main level and upper level—ideal for everyday convenience and added flexibility. Inside, you’ll find an eat-in kitchen with a galley-style layout and space for a dining table, plus convenient main-floor laundry and a full bath. The formal dining room showcases hardwood flooring and original baseboard trim, and pocket doors lead to a main-floor bedroom with a walk-in closet and original hardwoods. The living room also offers original hardwood flooring, an open stairway to the upper level, and a doorway to the enclosed porch. Upstairs includes three bedrooms and a full bath complete with a charming clawfoot tub. The full unfinished basement provides ample storage. Outside, you’ll appreciate the backyard patio, spacious yard with detached single garage plus a 24' x 28' steel garage/shed with convenient alley access—perfect for additional storage, hobbies, or a workshop. Additional features include forced-air propane heat, central air (new 2019), electric water heater (2014), approx. 10-year-old shingles, 100-amp breaker panel, and a backyard well previously used for watering plants (pump located in basement). Located about 45 minutes from Marshall—come enjoy the comfort and community of small-town living.

17. 2026-02-12
    price $109,900 1497-char remark

    Show marketing remark (1497 chars)

    Enjoy small-town charm in this classic 1.5-story home in Holland, MN, featuring great character, functional space, and excellent garage/storage options. A unique U-shaped enclosed front porch welcomes you in with separate access to both the main level and upper level—ideal for everyday convenience and added flexibility. Inside, you’ll find an eat-in kitchen with a galley-style layout and space for a dining table, plus convenient main-floor laundry and a full bath. The formal dining room showcases hardwood flooring and original baseboard trim, and pocket doors lead to a main-floor bedroom with a walk-in closet and original hardwoods. The living room also offers original hardwood flooring, an open stairway to the upper level, and a doorway to the enclosed porch. Upstairs includes three bedrooms and a full bath complete with a charming clawfoot tub. The full unfinished basement provides ample storage. Outside, you’ll appreciate the backyard patio, spacious yard with detached single garage plus a 24' x 28' steel garage/shed with convenient alley access—perfect for additional storage, hobbies, or a workshop. Additional features include forced-air propane heat, central air (new 2019), electric water heater (2014), approx. 10-year-old shingles, 100-amp breaker panel, and a backyard well previously used for watering plants (pump located in basement). Located about 45 minutes from Marshall—come enjoy the comfort and community of small-town living.

18. 2025-12-23
    status Active 1497-char remark

    Show marketing remark (1497 chars)

    Enjoy small-town charm in this classic 1.5-story home in Holland, MN, featuring great character, functional space, and excellent garage/storage options. A unique U-shaped enclosed front porch welcomes you in with separate access to both the main level and upper level—ideal for everyday convenience and added flexibility. Inside, you’ll find an eat-in kitchen with a galley-style layout and space for a dining table, plus convenient main-floor laundry and a full bath. The formal dining room showcases hardwood flooring and original baseboard trim, and pocket doors lead to a main-floor bedroom with a walk-in closet and original hardwoods. The living room also offers original hardwood flooring, an open stairway to the upper level, and a doorway to the enclosed porch. Upstairs includes three bedrooms and a full bath complete with a charming clawfoot tub. The full unfinished basement provides ample storage. Outside, you’ll appreciate the backyard patio, spacious yard with detached single garage plus a 24' x 28' steel garage/shed with convenient alley access—perfect for additional storage, hobbies, or a workshop. Additional features include forced-air propane heat, central air (new 2019), electric water heater (2014), approx. 10-year-old shingles, 100-amp breaker panel, and a backyard well previously used for watering plants (pump located in basement). Located about 45 minutes from Marshall—come enjoy the comfort and community of small-town living.

19. 2025-12-23
    historical 1497-char remark

    Show marketing remark (1497 chars)

    Enjoy small-town charm in this classic 1.5-story home in Holland, MN, featuring great character, functional space, and excellent garage/storage options. A unique U-shaped enclosed front porch welcomes you in with separate access to both the main level and upper level—ideal for everyday convenience and added flexibility. Inside, you’ll find an eat-in kitchen with a galley-style layout and space for a dining table, plus convenient main-floor laundry and a full bath. The formal dining room showcases hardwood flooring and original baseboard trim, and pocket doors lead to a main-floor bedroom with a walk-in closet and original hardwoods. The living room also offers original hardwood flooring, an open stairway to the upper level, and a doorway to the enclosed porch. Upstairs includes three bedrooms and a full bath complete with a charming clawfoot tub. The full unfinished basement provides ample storage. Outside, you’ll appreciate the backyard patio, spacious yard with detached single garage plus a 24' x 28' steel garage/shed with convenient alley access—perfect for additional storage, hobbies, or a workshop. Additional features include forced-air propane heat, central air (new 2019), electric water heater (2014), approx. 10-year-old shingles, 100-amp breaker panel, and a backyard well previously used for watering plants (pump located in basement). Located about 45 minutes from Marshall—come enjoy the comfort and community of small-town living.

20. 2025-12-22
    listed $115,000 1497-char remark

    Show marketing remark (1497 chars)

    Enjoy small-town charm in this classic 1.5-story home in Holland, MN, featuring great character, functional space, and excellent garage/storage options. A unique U-shaped enclosed front porch welcomes you in with separate access to both the main level and upper level—ideal for everyday convenience and added flexibility. Inside, you’ll find an eat-in kitchen with a galley-style layout and space for a dining table, plus convenient main-floor laundry and a full bath. The formal dining room showcases hardwood flooring and original baseboard trim, and pocket doors lead to a main-floor bedroom with a walk-in closet and original hardwoods. The living room also offers original hardwood flooring, an open stairway to the upper level, and a doorway to the enclosed porch. Upstairs includes three bedrooms and a full bath complete with a charming clawfoot tub. The full unfinished basement provides ample storage. Outside, you’ll appreciate the backyard patio, spacious yard with detached single garage plus a 24' x 28' steel garage/shed with convenient alley access—perfect for additional storage, hobbies, or a workshop. Additional features include forced-air propane heat, central air (new 2019), electric water heater (2014), approx. 10-year-old shingles, 100-amp breaker panel, and a backyard well previously used for watering plants (pump located in basement). Located about 45 minutes from Marshall—come enjoy the comfort and community of small-town living.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $424 · $35/mo
• Projected year-2 tax: $799 · $67/mo
• Expected delta: +$375/yr (+$31/mo · 88.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,659
• − Mortgage interest: −$5,876
• − Property taxes: −$424
• − Insurance: −$524
• − Repairs & maintenance: −$1,333
• − Management: −$1,333
• − Depreciation: −$3,052
• Taxable income: $4,118
• Est. tax owed @ 24.0%: −$988
• After-tax cash flow: $4,623/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Pipestone Area School District
• NCES district ID: 2700108
• Math proficiency: 36% ▼ -5.00%
• Reading proficiency: 42% ▼ -13.00%
• Median HH income: $43,965
• Composite: 33.07/100
• National rank: #5568
• State rank: #233 of 301 in MN

Livability — Holland

• Score: 63/100
• State rank: #652
• US rank: #15638

Category grades

Amenities F Commute F Cost of living A+ Crime D Employment C Housing A+ Health & safety D+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Holland, MN
• Population (ZIP): 435

Population outlook (Pipestone County) Hauer SSP2

• Today (2025): 8,600 people
• By 2030: 8,276 · -3.8%
• By 2040: 7,705 · -10.4%
• By 2050: 7,235 · -15.9%
• By 2075: 7,155 · -16.8%
• By 2100: 7,738 · -10.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 13% Two or more races 11% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 24% Portuguese 6% Italian 3%
• Foreign-born: 9% · Canada
• Languages at home: 95% English-only · Other Asian/Pacific 2% Tagalog/Filipino 1% Spanish 1%

Political lean MEDSL · Pipestone

• 2024 margin: Solid R (+48.1) · D 25.2% · R 73.3% · Other 1.6%
• 2008→2024 swing: -35.0pp toward R · 2008: -13.1pp · 2024: -48.1pp
• All cycles: 2024: R+48.1 2020: R+45.5 2016: R+46.3 2012: R+23.7 2008: R+13.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.18%
• Current HPI: 119.5378
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

-8.8% since first listed

5 events — show timeline

• 2026-02-12 Price Changed $104,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-12 Price Changed $109,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-23 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-23 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-22 Listed $115,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.1%/yr

Latest (2025): $424 · +15.8% YoY. Source: county tax records.